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VIDEO: Live Now – TikTok CEO Testifies Before House Committee

TikTok CEO Shou Zi Chew Testifies Before Congress to Defend the China-Based App’s Data Privacy Amid Calls For TikTok Ban

Here’s what’s happening Now:

  • TikTok CEO grilled on Chinese control of site’s content
  • Questions zero in on user-data access, the danger posed to kids
  • Singapore-born Chew downplays TikTok’s connection to China
  • Lawmakers from both parties give scathing critiques of the app

TikTok CEO is currently in Washington begging the government not to ban the Chinese app. But in China, every single American social media platform is banned. A TikTok ban in the United States would be major good news for these 3 companies.

Right now, Twitter has a lot to say on the discussion: 

Shares of YouTube Shorts parent Alphabet could jump as much as 20% should TikTok users need to flock to a replacement for their social media fix, shares of Instagram Reels parent Meta could be in line for as much as a 30% gain and shares of Snapchat Spotlight parent Snap could surge as much as 50%, according to Bernstein forecasts, using price-to-earnings multiple data for companies who benefitted from similar previous bans in China and India as a guide.

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Disclaimer: Wealthy VC does not hold a position in any of the stocks mentioned in this article.

Justin Hopper

Justin Hopper is an editor of the digital media at Wealthy VC and TCI. If you have questions don't hesitate to reach out! Twitter | Email

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